Bullish percent indicator charts are now demonstrating that all sectors (with the exception of energy) are at the height of bullishness and indicating a trend reversal to be days to weeks away. Having reviewed all of the charts, Im fully expecting the indexes to make a few more highs before turning around. The only index that seemed to be near the end of bearishness was energy. However, that is currently around 30% and it demonstrated previously in 2006 that it could get as low as 12%. So energy still has some time to go before it hits the bottom point. Days, weeks or maybe a month at most. My opinion is that it would be fruitless to enter into any longer term holdings right now. The stocks may go up a few percent in the short term, but during a correction, they will probably fall at least 10% or more depending upon the equity. http://stockcharts.com/h-sc/ui?s=$BPENER&p=D&b=1&g=0&id=p43564397242
I don't see why people don't day trade no time is just an excuse, you can have limit orders all day long, holding for even 3 days makes my manly hair stand up :eek: